Changes in price patterns are observed by investors on the movement of the EUR/USD currency pair chart on Tuesday yesterday.
The fall in prices that occurred last Friday did not continue this week after the flat prices last Monday rose again yesterday almost touching the height reached during last week's increase.
The US dollar is seen moving back on track by weakening again like the situation after the last FOMC meeting.
Other major currencies including the Euro will take advantage of the opportunity to rise again in the market as the US dollar continues to be at risk in the face of important data to be published including the third quarter US GDP data and the PCE price index.
The price increase on the EUR/USD chart yesterday that crossed the Moving Average 50 (MA50) line on the 1-hour time frame signaled a bullish trend reversal.
The rise continued in the New York session almost re-touching last week's 1.10000 high, but did not happen when the price slowed down around 1.09800 until continuing at the opening of the Asian session this morning (Wednesday).
If the bullish pattern is successfully maintained, investors will again watch for the 1.10000 resistance zone to be tested and will try to be broken by the price.
If it breaks through, the price will record the latest 4-month high level to the next target around 1.10600 or to the resistance zone of 1.11000.
However, if the price increase is still stuck at the 1.1000 resistance like last week, the price drop can probably be expected to happen again.
If the price drops below the MA50 support level, it will push the expected decline towards around 1.08000 which was the focus level before.
